Bank of England sets out rules of engagement for Facebook’s Libra

Bank of England sets out rules of engagement for Facebook’s Libra

The Bank of England (BoE) had set out rules of engagement that Facebook’s cryptocurrency, Libra and other digital payment providers would meet before they can operate in Britain.

The BoE’s Financial Policy Committee added that Britain’s banks along with its financial system were fully prepared for a worst-case Brexit although a disruption for borrowers in the EU may occur.

“The terms of engagement for innovations such as Libra must be adopted in advance of any launch,” the FPC said in a statement. “UK authorities should use their powers accordingly.”

The principles include a requirement for the entire payment chain to show its operational and financial resilience and provide enough information for regulators to monitor payments.